Nighthawk Gold reports new results from Colomac project in Northwest Territories

Highlights from Grizzly Bear included 3.02 grams gold per tonne over 20.25 metres starting from 129.5 metres downhole, including 22.69 grams gold over 1 metre in drill hole GB22-31; and 1.41 grams gold over 21.50 metres starting from 104.50 metres, including 2.50 grams gold over 10.25 metres in drill hole GB22-29.

Drilling at the 24 and 27 deposits returned highlights of 4.14 grams gold over 7.75 metres starting 104.60 metres downhole in TFS22-27, including 34.40 grams gold over 0.50 metres; and 2.91 grams gold over 54.35 metres from 101.50 metres downhole, including 16.28 grams gold over 2 metres in drill hole TFS22-10.

The Colomac Centre and satellite deposits have indicated resources of 58.2 million tonnes grading 1.44 grams gold for 2.69 million oz. contained gold and another 19.7 million inferred tonnes grading 2.10 grams gold per tonne for 1.33 million ounces.

The company completed its 2022 exploration program at the end of August, drilling a total of 40,085 metres.

 Since acquiring Colomac in 2012, the company has targeted most of its drilling at the Colomac Main deposit, and the deposit makes up roughly 92% of the resource estimate’s indicated resource and about 42% of its inferred.

The 24 and 27 deposits are about 3 km east of the Colomac Main deposit’s Zone 1.5 and the Grizzly deposit is west of the Goldcrest deposit.

Of the four satellite deposits, Kim and Cass are about 15 km southwest of Colomac Main; Damoti about 28 km to the south; and Treasure Island about 11 km to the north.

Colomac was mined intermittently between 1990 and 1997 and was limited to one of three shallow open pits that were developed on a steeply dipping quartz diorite intrusion. According to the company, mining activity exploited only a small portion of the 7-km mineralized strike length.

In May the company closed a $31 million bought deal financing package led by Sprott Capital Partners LP and Laurentian Bank Securities.

Over the last year Nighthawk has traded in a range of 35¢ and $1.07 per share and at press time in Toronto was trading at 35¢. The company has about 123 million common shares outstanding for a market cap of about $42.4 million.